GRSE secures $54 million order, Centre upgrades PSU to 'Schedule A' category

New Delhi/IBNS: The government on Wednesday (Sept. 18) upgraded shipbuilding and defence Public Sector Undertaking (PSU) Garden Reach Shipbuilders and Engineers Ltd. (GRSE) from Schedule ‘B’ to Schedule ‘A’ Central Public Sector Enterprise (CPSE), reports said.

IBNS • 19 Sept 2024, 11:40 am

According to the Department of Public Enterprises, GRSE becomes the 77th company in the Schedule ‘A’ category, with an annual turnover of Rs 3,592 crore and a net profit of Rs 357 crore for the fiscal year 2023-24.

GRSE described the upgrade as a "significant milestone" that highlights its strong financial performance, operational efficiency, and contribution to national security.

This upgrade will enhance the company's senior management capacity, allowing for better oversight and management of its operations, as per reports.

Additionally, the PSU informed the exchanges about a $54 million contract for the construction of four additional multi-purpose vessels for German shipping company Carsten Rehder Schiffsmakler, bringing its total order to eight vessels.

These vessels are expected to be delivered within 33 months from the contract signing, as stated by the PSU.